Park Electrochemical reports third-quarter results

9:38 AM MST | December 19, 2012 | Lindsay Frost

Park Electrochemical (Melville, NY) reported a drop in sales and earnings for its fiscal third quarter, ended 25 November, including pretax charges of $559,000 related to the closure of two facilities—the Nelco Technology facility at Zhuhai, China; and its Park Advanced Composite Materials facility at Waterbury, CT. Net earnings were down 11% year-on-year (YOY), to $4.7 million. Adjusted earnings of $5.1 million were down 5% YOY. Earnings of 25 cts/share were below analyst estimates of 29 cts/share, according to Thomson Reuters (New York). Sales were...